New president, new party in power, same reckless management of budgetary and fiscal policy. As of February 12th, 2018, the White House released its federal budget for fiscal year 2019 and implied their own incompetence to run a balanced budget. The promise of a smaller government that gets off your back and out of your lives has decided to ramp up their operations.
Libertarians have been the ones to point out the hypocrisy on both sides of the aisle.
Included in the $4.407 trillion federal budget expenses, $363 billion will be spent in the interest of the national debt. This is the interest payments on the $20 trillion outstanding debt. This is the fastest growing expense for the government. Without a concise plan to pay on this outstanding debt and instead deciding to merely service the interest, it is a problem ready to go hyper-nova in the coming years.
Military spending will increase to its highest level in recent years to $886 billion. The United States is obviously not in an active war with another country. Yet, this is the largest purposed military expenditure in the history of our country, resulting in a continuation of the status quo of militaristic interventionist policy. Undeclared wars are a part of the national rhetoric that it should be embroiled under our flag. The military loves to step in another man’s country to help with regime change that politicians would like to cloak as patriotism.
Not only will the federal deficit increase from its current all-time high but, the budget will add close to $1 trillion to the deficit in a single fiscal year. The continuation of the political normative increases debt Congress predicts that the federal debt will be 73% of the GDP in 2028. The can has been kicked down the road. The United States government will have two options once it is time to pay their debts: Default on our debt or, the more likely situation, print money like it is going out of style. The result would cause hyperinflation, sky-high interest rates, and required rates of return. Overnight, the money that is kept in your mattress will become worthless due to this foreseeable and avoidable mismanagement.
Many state constitutions list the requirement for the government to balance its budget. However, the federal government does not follow this simple rule asked of the states. The resulting scenario produces incredible inter-period equity that will only fall to future generations to foot the bill. Managing the debt has always been a problem in the United States. Libertarians from around the world ask of their government to practice a sensible idea: Taxes collected should be sufficient for each generation to pay its own debts. The most basic question has been asked, with a shrug to the shoulders as a response.
Time after time, the Republican Party has run under the banner as the fiscally conservative party. The toxic tribalism embedded in the ideals of Americans has allowed elected officials to act with no accountability of their own party. For example, the majority of Republicans have allowed liberal gun restrictions to be set in motion under the Republican name. The promise of a smaller government on the campaign trail has been thrown out with the bath water. Reduction of government excess in spending under the Obama years is nearly a sure fire thing. Many Americans have decided to be on a team that preaches values they align with, naturally. However, when your elected officials decided to fall away from your values, it should be time to realign them with something new.
The Libertarian Party is the only true party that will actually follow through with fiscal conservatism and smaller government. Increase entitlement spending, government welfare, support of the military industrial complex and, uncontrollable debt has been a continual practice no matter what party has been in power. Until the lights turn off, Washington, DC will continue to have their party at the taxpayers’ expense. As George Orwell put in 1984, his description of doublethink: “Ignorance is Strength”.
* James Miller is from Reno, Nevada and has an MBA. He has been a practicing accountant for four years and is a CPA candidate for 2018.
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